We keep hearing about "Toxic Paper" and I am trying to understand what
this means, in the search for understanding, I found a few loose
strings that when braided together, seem, in my opinion, to form one
heck of a noose.
Rep Sherman talks about how this money is going to bail out foreign
investors (as well as the scare tactics and threats incorporated into
the efforts to pass this bill)
China and Russia are mentioned as these investors. Russia is planning
grand scale military exercises and cranking up the arms race
Then I find this
Daily Real Estate News (from the National Association of Realtors)
January 2, 2007
Beware of Latest Mortgage Scam
In a scam known as shotgunning, thieves are applying for multiple home
loans simultaneously. When they get the money — sometimes millions —
they take it and leave the country.
Authorities are blaming Eastern Europeans affiliated with what is
known as the Russian Mafia. "It's the fraud of the year," says Paul
Doman, director of Title Insurance Co.'s Lenders Advantage Equity
Division. "They can pull in excess of a million dollars out of the
home, enough so they can live a good life back wherever they came
So if I am even warm here, Russian Mafia has been scamming on
mortgages. Those mortgages get securitized and sold, [back] to Russia,
China, and whoever else is in the market. Then the people who pulled
the scam in the first place, realize they just got stuck with their
So they want the US to buy back the "Toxic Paper" that they were
responsible for creating in the first place!!!
Gotta say it, that's a pretty intricate scam, they are gonna get the
money twice over!! No wonder Russia can afford to spend so much money
on it's military... We're stuck with the bill!
Bail them out, not just no, but HELL NO!!!!